XPeng (NYSE:XPEV) Shares Gap Down – Here’s Why

XPeng Inc. (NYSE:XPEV) shares gapped down prior to trading on Monday . The stock had previously closed at $19.43, but opened at $17.11. XPeng shares last traded at $16.84, with a volume of 3,798,377 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Daiwa Capital Markets restated a “neutral” rating and issued a $24.00 price objective on shares of XPeng in a research note on Wednesday, March 19th. Nomura Securities raised XPeng to a “strong-buy” rating in a research report on Tuesday, March 18th. Barclays lifted their price target on XPeng from $7.00 to $20.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Bank of America boosted their price objective on XPeng from $18.60 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Finally, UBS Group upgraded shares of XPeng from a “sell” rating to a “neutral” rating and raised their target price for the stock from $8.80 to $18.00 in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.20.

XPeng Trading Up 6.1 %

The firm has a market cap of $16.41 billion, a PE ratio of -20.03 and a beta of 2.62. The company’s fifty day moving average price is $19.77 and its two-hundred day moving average price is $15.04. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

XPeng (NYSE:XPEV) last announced its quarterly earnings data on Tuesday, March 18th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.36) by $1.17. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $16.11 billion. XPeng had a negative return on equity of 16.92% and a negative net margin of 15.35%. As a group, sell-side analysts forecast that XPeng Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On XPeng

A number of large investors have recently made changes to their positions in the stock. Alibaba Group Holding Ltd grew its position in XPeng by 21.2% during the fourth quarter. Alibaba Group Holding Ltd now owns 37,959,232 shares of the company’s stock worth $448,678,000 after buying an additional 6,650,000 shares during the period. TMT General Partner Ltd purchased a new position in XPeng in the 4th quarter valued at approximately $205,501,000. JPMorgan Chase & Co. raised its holdings in XPeng by 1,138.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock worth $54,354,000 after purchasing an additional 4,227,055 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in XPeng by 947.5% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,759,750 shares of the company’s stock worth $20,800,000 after purchasing an additional 1,591,750 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in XPeng by 51.9% in the fourth quarter. Renaissance Technologies LLC now owns 1,073,367 shares of the company’s stock valued at $12,687,000 after purchasing an additional 366,667 shares during the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

About XPeng

XPeng Inc designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People's Republic of China. It offers SUVs under the G3, G3i, and G9 names; four-door sports sedans under the P7 and P7i names; and family sedans under the P5 name. The company also provides sales contracts, super charging, maintenance, technical support, auto financing, insurance, technology support, ride-hailing, automotive loan referral, and other services, as well as vehicle leasing and insurance agency services.